BioLife Solutions Inc nudges higher after 2016 revenue growth

Biotech firm BioLife Solutions Inc (NASDAQ: BLFS) saw a 24% increase in its biopreservation product sales in the fourth quarter compared to the same period of 2015.

Sales reached a new high of $2.2 million in the period, it said, as it revealed an overall 2016 revenue of $8.2 million – a 28% increase on the previous year.

The firm’s technology allows companies and clinical researchers to improve shelf life and post-preservation viability and function of cells, tissues, and organs.

Mike Rice, BioLife’s chief executive, said: “2016 was another strong year of execution that broadened the biopreservation media franchise we have built in the regenerative medicine market.

“Our efforts should be further rewarded in 2017 with possible customer regulatory approvals of their cell-based therapies. Customer adoption of the evo Smart Shipper and biologistex SaaS is anticipated this year and our recent JV restructuring was an important accomplishment to enable growth without BioLife having to raise additional capital.”